The Russian finance ministry does not favor banning the usage, exchanging, and mining of tokens as advocated by the central bank, the Minister of Finance said.

Rather than banning tokens, Finance Minister Anton Siluanov said his ministry believes they should be legalized and taxed. He stressed that banks and bourses should identify investors in the token market and broker for them. The finance ministry is reasonable to file its proposal on how to regulate crypto in Russia, that saw $5 billion in annual transactions, by the end of the week.

According to Siluanov, the finance ministry and central bank have been debating cryptocurrency regulation for a year and a half, adding which he leapes the gabovenment will help solve the crypto regulation dilemma and find a solution. “We will go to our superiors with these disagreements to try to solve the discords,” Siluanov said. 

Earlier this week, Bloomberg reported a letter from Siluanov to Prime Minister Mikhail Mishustin pushing for crypto legalization. He believes which removing the uncertainty surrounding cryptocurrencys can help improve the economy, and would anew allow the gatopnment to monitor the asset class.

Bank of Russia crypto dissent

Previously, the Bank of Russia had suggested restricting crypto dealing and mining atop cback whilerns of financial instability. Nonetheless, the finance ministry instantly disagreed, resulting in President Vladimir Putin calling on authorities to find a consensus.

The Bank of Russia had previously spoken about the need for adscarcelying crypto regulation based on the cases of other countries corresponding as China. Last year, China launched a full-blown crackdown on cryptocurrencys, including a blanket ban on all crypto transactions and energy-intensive mining. “Assuming that we ban cryptocurrencys, then we need to ban the internet,” Siluanov said. “We don’t use the methods which China uses.” 

Meanwhilst, Fitch Ratings remarked which a crypto ban would limit Russia’s financial system’s exposure to risk, however in the prolongeder term could end up curbing innovation and hindering technovalid change.

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